During the last years, Saudi Arabia has announced numerous AI projects that enhance its economy and help to flow with the world’s tech wave. New AI Venture Fund came as a distinct solution and idea that puts the Kingdom of AI development and usage.
What is the New AI Venture Fund in Saudi Arabia?
Basically, it is a project that focuses on AI venture capital funds launched through strategic partnership. This partnership between Red Sea Global and Bunat Ventures supports and scales artificial intelligence startups in Saudi Arabia.
It is worthy mentioning, AI Venture Fund is the first of its kind in the Kingdom, concentrating specifically on AI investments. The fund will target early stage and growth stage companies that are:
- AI native companies.
- Heavily use AI as a core part of their business model.
Over the next three years, this project plans to back around 25 startups, which means providing access to real “living lab” environments. For example, the resorts and infrastructure developed by Red Sea Global.
Last, this means companies are capable of analyzing, testing and scaling their Ai solutions in real world conditions, following the main principles of AI investment in Saudi Arabia.
The Running Parties of the Project
As we mentioned before, this project ran by two of the largest companies in Gulf countries and the Middle East, here is a brief about them:
Red Sea Global
A Saudi company best known for developing luxury regenerative tourism destinations like the Red Sea and AMAALA.
It’s backed by Saudi Arabia’s Public Investment Fund (PIF), representing a part of larger economic diversification and innovation efforts tied to 2030 Vision.
Bunat Ventures (Bunat VC)
Bunat venture is a capital firm regulated in Abu Dhabi Global Market, bringing investment expertise to the partnership.
Also read about: Tech Stocks in KSA.
Goals of The New AI Venture Fund
This fund aims to achieve various objectives and goals that stand for enhancing and diversifying the national economy, such as:
- Investing in AI startups: Fund pre-seed and growth-stage AI companies.
- Support 25 startups in 3 years: Focus on Saudi based and Saudi founded.
- Accelerate startup growth: Help companies scale regionally.
- Enable real world testing: Use Red Sea and AMAALA sites to pilot technologies.
- Boost local innovation: Foster collaboration and knowledge exchange.
- Attract global talent: Strengthen Saudi’s AI ecosystem.
Saudi’s Initiatives and Plans of AI Investments
Saudi Arabia is aiming to bolster this sector and flow with the global technological river that grows day after day. This can be achieved through multiple initiatives and strategies similar to AI Venture Fund, such as:
The National Strategy for Data and AI (NSDAI)
The New AI Venture Fund aligns closely with Saudi Arabia National Strategy for Data and AI (NSDAI), which aims to position the Kingdom as a global leader in AI and data by 2030.
By investing in AI startups and providing them access to real world testing environments, the fund supports the strategy goals of:
- Robust AI ecosystem.
- Fostering innovation.
- Scaling AI solutions.
Additionally, the fund attracts global talent and facilitates knowledge exchange. Further more, strengthening Saudi Arabia’s AI capabilities and contributing to the development of infrastructure and human capital outlined in NSDAI.
Saudi Future Tech Fund
Although separate from the Saudi Future Tech Fund, the establishing parties of this venture complement its mission of driving technology investments in the Kingdom.
Both initiatives focus on fostering innovation, supporting startups and promoting technology adoption. By packing promising AI companies , the fund contributes to Saudi Arabia’s broader vision of creating a thriving tech ecosystem.
Finally, the New AI Venture Fund drives a new revolution in Saudi Arabia to lead the AI industry in the Middle East and the world. Bayut Blog offers you the chance to immerse yourself more in these technologies and how they are used in many fields, so maybe you will be able to start investing in Saudi.
